The latest set of national accounts data for Ireland released by the Central Statistics Office (CSO), provide further evidence of the volatility of GDP growth on paper, masking more benign trends in the real economy.
This was also demonstrated in the 28.5% annual fall in multinational sector output.
Within this, consumer spending was also up 0.6% q/q and 2.6% y/y, pointing to solid underlying domestic demand in the economy in Q1, despite rising geopolitical risks.
Exchequer returns data also continue to point to a robust fiscal position.
